Alan Jones
2008-01-29 18:16:56 UTC
Rodriguez offers to pay portion of buyout
Mark Schlabach, ESPN.com
Former West Virginia football coach Rich Rodriguez has offered to
pay the school $1.5 million to buy out the final six years of his
contract, according to a letter of credit filed Tuesday in U.S.
District Court in Clarksburg, W.Va.
Rodriguez, who was hired as Michigan's coach on Dec. 16, filed the
letter of credit "in the spirit of compromise and as an act of good
faith to assure West Virginia University that if this Honorable
Court makes an award against Defendant, said monies will be paid,"
according to the court filing.
West Virginia has been asked for a comment, but has not responded to
ESPN.com's request.
In a joint statement released to ESPN.com, Rodriguez and his
attorneys wrote: "Coach Rodriguez is a responsible person. [The
amount of the letter of credit] is the amount owed by [Rodriguez]
under the first amendment of the Employment Agreement at the date of
his resignation. This is a good faith effort to move the process and
communication lines forward so all parties can concentrate on their
future endeavors."
WVU sued Rodriguez last month to collect on a $4 million buyout
clause in the contract he signed Aug. 24. Rodriguez's attorneys have
disputed the coach owes his former school that much. Rodriguez
claims he was pressured into signing a one-year extension at West
Virginia, and claims university president Mike Garrison promised to
lower the amount of his buyout.
Sources close to the situation said West Virginia officials and
Rodriguez's attorneys are attempting to negotiate an out-of-court
settlement to avoid going to trial.
Rodriguez's response to the lawsuit must be filed in U.S. District
Court by Monday.
In the latest court filing, Rodriguez's attorneys wrote: "The amount
of the Letter of Credit is equal to the maximum liquidated damages
provision [penalty] at the date of termination provided in the first
amendment to the original Employment Agreement. In any event, the
amount of the letter of credit exceeds the first payment that
Plaintiff claims is due."
Former Mountaineers basketball coach John Beilein, who was hired as
Michigan's coach last April, paid West Virginia $1.5 million to buy
out the final five years of his contract. The amount was $1 million
less than the penalty called for in Beilein's contract, which ran
through the 2012 season.
http://sports.espn.go.com/ncf/news/story?id=3220305
DISCUSS THIS TOPIC AT...
- http://groups.yahoo.com/group/WVU-Sports
Mark Schlabach, ESPN.com
Former West Virginia football coach Rich Rodriguez has offered to
pay the school $1.5 million to buy out the final six years of his
contract, according to a letter of credit filed Tuesday in U.S.
District Court in Clarksburg, W.Va.
Rodriguez, who was hired as Michigan's coach on Dec. 16, filed the
letter of credit "in the spirit of compromise and as an act of good
faith to assure West Virginia University that if this Honorable
Court makes an award against Defendant, said monies will be paid,"
according to the court filing.
West Virginia has been asked for a comment, but has not responded to
ESPN.com's request.
In a joint statement released to ESPN.com, Rodriguez and his
attorneys wrote: "Coach Rodriguez is a responsible person. [The
amount of the letter of credit] is the amount owed by [Rodriguez]
under the first amendment of the Employment Agreement at the date of
his resignation. This is a good faith effort to move the process and
communication lines forward so all parties can concentrate on their
future endeavors."
WVU sued Rodriguez last month to collect on a $4 million buyout
clause in the contract he signed Aug. 24. Rodriguez's attorneys have
disputed the coach owes his former school that much. Rodriguez
claims he was pressured into signing a one-year extension at West
Virginia, and claims university president Mike Garrison promised to
lower the amount of his buyout.
Sources close to the situation said West Virginia officials and
Rodriguez's attorneys are attempting to negotiate an out-of-court
settlement to avoid going to trial.
Rodriguez's response to the lawsuit must be filed in U.S. District
Court by Monday.
In the latest court filing, Rodriguez's attorneys wrote: "The amount
of the Letter of Credit is equal to the maximum liquidated damages
provision [penalty] at the date of termination provided in the first
amendment to the original Employment Agreement. In any event, the
amount of the letter of credit exceeds the first payment that
Plaintiff claims is due."
Former Mountaineers basketball coach John Beilein, who was hired as
Michigan's coach last April, paid West Virginia $1.5 million to buy
out the final five years of his contract. The amount was $1 million
less than the penalty called for in Beilein's contract, which ran
through the 2012 season.
http://sports.espn.go.com/ncf/news/story?id=3220305
DISCUSS THIS TOPIC AT...
- http://groups.yahoo.com/group/WVU-Sports